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Monday, 30 May 2016

ADFG and Bahrain’s GFH to launch Islamic bank in Abu Dhabi | GulfNews.com

ADFG and Bahrain’s GFH to launch Islamic bank in Abu Dhabi | GulfNews.com:

"Abu Dhabi Financial Group (ADFG) and Bahrain’s GFH Financial Group are jointly setting up an Islamic bank in Abu Dhabi’s new financial free zone with initial capital of $100 million, ADFG’s chief executive told Reuters on Monday.

Privately-owned investment management firm ADFG and GFH have received preliminary approval to launch the bank at Abu Dhabi Global Market (ADGM), the second financial free zone in the United Arab Emirates after the Dubai International Financial Centre (DIFC).

It will be the first new bank set up at the recently-launched ADGM, which has so far attracted Aberdeen Asset Management and Macquarie Capital to open offices.

"



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Saudi Arabia Said to Hire HSBC Banker to Set Up New Debt Office - Bloomberg

Saudi Arabia Said to Hire HSBC Banker to Set Up New Debt Office - Bloomberg:

"Saudi Arabia hired HSBC Holdings Plc banker Fahad Al Saif to start a debt management office that will be responsible for the kingdom’s first international bond sale, two people with knowledge of the matter said.
Al Saif joined the Ministry of Finance on an open-ended secondment from HSBC’s Saudi British Bank, the people said, asking not to be identified as the information is private. At Saudi British, in which HSBC holds a 40 percent stake, he was general manager of global banking and markets. Al Saif is also a board member at HSBC Saudi Arabia Ltd.
Al Saif is the second HSBC banker to move into a government role in Saudi Arabia in the past few months after Mohammad Al Tuwaijri, the bank’s chief executive officer for the Middle East, was appointed deputy economy and planning minister. The moves come as Deputy Crown Prince Mohammed bin Salman oversees an unprecedented shakeup of the kingdom’s economy to reduce the country’s reliance on oil receipts."



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MIDEAST STOCKS-Bourses fall in broad sell-off after oil dips below $50 | Reuters

MIDEAST STOCKS-Bourses fall in broad sell-off after oil dips below $50 | Reuters:

"Shares in the Gulf fell in a broad sell-off on Monday as investors booked profits after a dip in oil prices. Egypt was lower as foreign funds exited positions.

Saudi Arabia's index lost 1.1 percent, its lowest close since April 11, before the kingdom announced plans to diversify away from hydrocarbon dollars. Eighty-eight percent of the shares closed down.

Petrochemical shares were the main drag with Saudi Basic Industries, the largest listed producer, dropping 1.8 percent, taking its losses to 3.0 percent since Brent prices fell back below $50 a barrel."



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Emirates NBD's Dugan: We're Building Up for Trouble - Bloomberg

Emirates NBD's Dugan: We're Building Up for Trouble - Bloomberg:




"Gary Dugan, chief investment officer at Emirates NBD, and Bloomberg's Tracy Alloway discuss the potential for a rate hike in June or July, the possibility of a global recession and Japan's sales tax hike. They speak to Manus Cranny on "Bloomberg Markets Middle East." (Source: Bloomberg)"



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Iran Says Growth Target Can Be Met - Bloomberg

Iran Says Growth Target Can Be Met - Bloomberg:




"Iran's newly elected parliament held its first session with President Rouhani telling them he's confident a 5% growth rate is still achievable. Bloomberg's Golnar Motevalli reports on "Bloomberg Markets Middle East." (Source: Bloomberg)"



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Malaysia's 1MDB makes coupon payment on Islamic medium term notes | Reuters

Malaysia's 1MDB makes coupon payment on Islamic medium term notes | Reuters:

"Malaysia's state-owned 1Malaysia Development Berhad (1MDB) said on Monday that it had made a scheduled coupon payment on an Islamic medium term bond, despite an ongoing multi-billion dollar spat with a UAE sovereign fund.

1MDB said it made a 143.75 million ringgit ($34.96 million) coupon payment due on 5 billion ringgit in Islamic Medium Term Notes (IMTNs) due in 2039.

"1MDB has ample liquidity to make interest payments and service its current debt obligations," 1MDB's president Arul Kanda Kandasamy said in a statement on Monday."



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MIDEAST STOCKS-Dubai weakens in early trade, Saudi choppy | Reuters

MIDEAST STOCKS-Dubai weakens in early trade, Saudi choppy | Reuters:

"Shares in Dubai dropped in early trade on Monday as investors cashed out of stocks which have made recent gains, while Saudi Arabia's stock market was choppy.

In Dubai losers outnumbered gainers 14 to six and the index was down 1.0 percent.

Blue-chips Emaar Properties, which has been rising for three session, lost 1.7 percent, while Dubai Islamic Bank, which was a top gainer on Sunday, dropped 2.2 percent."



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